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Where Taxpayers and Advisers Meet

Rented property

patvu
Posts:1
Joined:Wed Aug 06, 2008 3:04 pm

Postby patvu » Fri Jul 25, 2003 6:25 am

I bought my flat in November 1998 for £125,000. I rented this out two weeks after.
I have sold this property in October 2002 for £250,000. I have only lived in this flat for 2 months (August 2002) as my main residence. The coucil tax, electorate roll, electricty bills etc were in my name for this two months.
Could you tell me how much CGT I have to pay and if I quality for the £40,000 relief or the 3 years exemption.
Thanks

accountant@uktaxshop
Posts:550
Joined:Wed Aug 06, 2008 3:04 pm

Postby accountant@uktaxshop » Fri Jul 25, 2003 7:57 am

Pat,

As a rough calculation the gain is fully relieved by your occupation, assuming this is accepted by the IR as your PPR.

3 years out of 4 relived = 93k

Remainder = 32k, soaked up by letting relief.

You will however need to report this on your 2002/3 tax return.

Regards

James Smith
Chartered Accountant
www.uktaxshop.co.uk
01284 764436


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